MoviePass majority owner Helios & Matheson's stock tumbles after company expresses interest in reverse split
Shares of MoviePass majority owner Helios & Matheson Analytics Inc. are down more than 30% in Wednesday morning trading after the company provided information about its July annual meeting. The company said that, at the meeting, it will to looking for approval for its plans to increase the number of its shares of common stock from to 2 billion from 500 million as well as to do a one-time reverse split. The company wants to do a reverse split "at a ratio of 1 share-for-2 shares up to a ratio of 1 share-for-250 shares, which ratio will be selected by the Company's Board of Directors." The meeting will be held on an unspecified date in July. HMNY shares are down 95% this year, while the S&P 500 is up 3.6%.
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